Western Sydney Developer Jailed for Forgery, Dishonesty

The director of a West Sydney property acquisition and development group that collapsed owing tens of millions of dollars to creditors has been sentenced after admitting to forgery. 

Sydney-based Krishnakumar Sitaram Agrawal was the director of 27 companies under the Mansa Group umbrella. 

Incorporated in 2017, these companies acquired and developed low and medium-density residential and commercial projects in areas such as Box Hill, Austral and Schofields.

But between June and August 2023, 16 companies in the group called in administrators. An investigation by the Australian Securities and Investments Commission then revealed forgery and dishonesty across the group. 

In a November 2023 creditors report, administrators from Olvera Advisors found that Mansa Sons Pty Ltd had debts of $47 million.

▲ A rendering of a Penrith project by SK Homes, one of the Mansa Group companies.

The report showed that it had borrowed funds from 200 unsecured creditors, predominantly individuals and self-managed superannuation funds. 

Loans varied between $20,000 and $932,000, and the lenders were offered interest returns of 12 per cent per annum.

The company on-lent the funds to several related companies which invested in projects predominantly in Western Sydney, including Kellyville, Wentworthville and Toongabbie. 

According to the director’s explanation for the failure as reported by the administrators, 13 consecutive rate hikes meant securing funding was difficult. 

Projects such as its 23 Terry Road project at Box Hill (pictured top) were affected by continuous heavy rain and delays in construction certificate approvals, he said.

▲  A rendering of an education facility at Schofields by Mansa Group’s SK Homes.

The administrators said that the company had failed due to poor financial control and inadequate cash flow, among other reasons. 

After the subsequent ASIC investigation, Agrawal was accused of obtaining loans from third party lenders to the value of $20 million with the use of false documents, and using the loans for the benefit of other corporations he controlled. 

He pleaded guilty earlier this year in the Sydney Downing Centre Local Court to using false documents to obtain financial advantage and using his position as director dishonestly. 

ASIC deputy chair Sarah Court said that Agrawal “betrayed the trust of people within his social and cultural circles”.

Agrawal was this month sentenced by the District Court of NSW to four years and 10 months’ imprisonment for using false documents to obtain financial advantage and for dishonestly using his position to “gain advantage and cause detriment” contrary to the Corporations Act 2001.

His prison sentence began on November 7 and he will not be eligible for parole before February 2029.

“This sentence will be welcomed by those who invested significant amounts of money with Mr Agrawal after being caught up in his dishonest behaviour,” the court said.